The American Petroleum Institute (API) estimated on Tuesday another large crude oil inventory build of 13.143 million barrels for the week ending April 10 as demand destruction stemming from the coronavirus wears on. Today’s inventory build was expected to be smaller, 11.676 million barrel s. In the previous week, the API estimated a large build in crude oil inventories of 11.938 million barrels , while the EIA’s estimates painted an even scarier picture, reporting a build of 15.2 million barrels for the week. For a bit of perspective regarding the challenges that this amount of oil buildup poses for the industry, the last few weeks of inventory builds in the United States, which total 35.566 million barrels using API data, is enough to fill more than 17 VLCCs. Oil prices were trading sharply down on Tuesday afternoon prior to the API’s data release, as the market shrugged off the […]